Saving Gateway Accounts Bill

The amendments achieve three separate things, which I shall set out in turn. First, Lords amendments 3, 4 and 5 relate to the maturity period of the saving gateway accounts—in other words, how long each account will last. As hon. Members will know, we intend to set the maturity period at two years or 24 months. These amendments would prevent regulations from setting a maturity period of less than 12 months. It was suggested in the other place that a maturity period of less than a year would not encourage saving, as it would not be long enough for saving gateway account holders to develop a strong savings habit.